Tuesday, August 11, 2020
Hawai'i Free Press

Current Articles | Archives

Friday, June 15, 2012
Your Act 221Tax Credit Dollars At Work: Hopeless Hoku Forms Restructuring Committee
By News Release @ 7:13 PM :: 5227 Views :: Energy, Tax Credits

Hoku's Board of Directors Forms Restructuring Committee

Hoku's CEO to Resign and Assume Chairmanship of Restructuring Committee; Hoku Exploring Possible Sale of Hoku Solar

News Release from Hoku Corp

Hoku Corporation (NASDAQ: HOKU), a solar energy products and services company, today announced that its board of directors has formed a five-member committee to oversee and direct the Company's efforts to restructure its liabilities. Scott Paul, an executive officer of Hoku Corporation since 2003, and the Company's chief executive officer since 2010, will resign as CEO on June 30, and continue as a director and chairman of the newly formed restructuring committee. "Jeremy" Xiaoming Yin, the Company's president since early 2011, will begin reporting directly to the board of directors as the acting chief executive officer.

"One purpose of the restructuring committee is to ensure independent oversight of the restructuring process," said Scott Paul. "In order to dedicate the proper focus and attention to this responsibility, I have decided to step down as CEO. I have the utmost confidence in Jeremy's ability to lead Hoku."

Hoku Corporation also announced that it is exploring opportunities to sell Hoku Solar, the Company's wholly owned subsidiary that markets and installs turnkey photovoltaic systems and provides related services in Hawaii.

"While we explore this opportunity, Hoku Solar will continue normal operations as a provider of investment-grade PV in Hawaii," said Paul. "Under the continuing leadership of Jerrod Schreck, Hoku Solar remains focused on developing and delivering value-engineered, top-performing solar energy facilities for its commercial, institutional and utility clients. Hoku Solar is actively building several of the largest utility-scale photovoltaic projects in the State of Hawaii, and we believe there is substantial value that could be realized for the benefit of Hoku Corporation's stakeholders."

---30---

Related:

Yahoo: Hoku Message Board (must read)

HFP: Hoku Corp Lays off Workers, Lienholders Move to Seize Polysilicon Plant

SA: Hoku CEO Scott Paul resigns, Hoku Solar up for sale

PBN: Hoku Corp. CEO Scott Paul to resign, Hoku Solar may be sold

Hoku Solar May be Forcibly Sold in Bankruptcy

PBN: Company officials told PBN that if there is a strategic restructuring at Hoku Materials and Hoku Corp., certainly one possible scenario is an eventual change of ownership for Hoku Solar.

“But this is not anyone’s expressed intent, and because so much remains to be determined about the next steps at Hoku Materials and Hoku Corp. our job today is simply to continue creating value for our customers and for Hoku’s stakeholders,” Hoku Solar President Jerrod Schreck told PBN in an email.

…it won’t be long before debtors, shareholders and Nasdaq, among others, force the company to make a decision that will have a direct impact on Hoku Solar’s future.

May 22: Hoku Corp Lays off Workers, Lienholders Move to Seize Polysilicon Plant

read … Hoku Solar faces uncertain future

 

About Hoku Corporation
Hoku Corporation (NASDAQ: HOKU) is a solar energy products and services company with two business units: Hoku Materials and Hoku Solar. For more information, visit www.hokucorp.com. Hoku, Hoku Solar, and the Hoku Corporation logo are trademarks of Hoku Corporation, and Hoku Materials is the trademark of Hoku Materials, Inc., all rights reserved. All other trademarks, trade names and service marks appearing in this press release are the property of their respective holders. ©Copyright 2012, Hoku Corporation, all rights reserved.

Forward-Looking Statements
This press release contains forward-looking statements that involve many risks and uncertainties. In some cases, you can identify forward-looking statements by terms such as "anticipate," "believe," "can," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "will," "would" and similar expressions intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance, time frames or achievements to be materially different from any future results, performance, time frames or achievements expressed or implied by the forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, the Company's ability to restructure its liabilities and the liabilities of Hoku Materials, the possible sale of Hoku Solar, Hoku Solar's ability to continue its business operations, and the risks, uncertainties and other factors disclosed in the Company's most recent Form 10-K and Form 10-Q filed with the Securities and Exchange Commission. Given these risks, uncertainties and other factors, you should not place undue reliance on these forward-looking statements. In evaluating these statements, you should specifically consider the risks described in the Company's filings with the Securities and Exchange Commission, as applicable. Except as required by law, the Company assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

 

Links

TEXT "follow HawaiiFreePress" to 40404

Register to Vote

2aHawaii

808 Silent Majority

ACA Signups Hawaii

ALEC

Alliance Defending Freedom

Aloha Pregnancy Care Center

American Council of Trustees and Alumni

AntiPlanner

Antonio Gramsci Reading List

A Place for Women in Waipio

Astronomy Hawaii

Ballotpedia Hawaii

Better Hawaii

Blaisdell Memorial Project

Broken Trust

Build More Hawaiian Homes Working Group

ChinaTownWatch.com

Christian Homeschoolers of Hawaii

Cliff Slater's Second Opinion

Coffee Break

DeedySupport.com

DVids Hawaii

E Hana Kakou Kelii Akina

FIRE

Fix Oahu!

Follow the Money Hawaii

Frank in Hawaii

Front Page Magazine

Frontline: The Fixers

Genetic Literacy Project

Grassroot Institute

Habele.org

Hawaii Aquarium Fish Report

Hawaii Aviation Preservation Society

Hawaii Catholic TV

Hawaii Christian Coalition

Hawaii Cigar Association

Hawaii Coalition Against Legalized Gambling

Hawaii ConCon Info

Hawaii Credit Union Watch

Hawaii Crop Improvement Association

Hawaii Debt Clock

Hawaii Defense Foundation

Hawaii Family Advocates

Hawaii Family Forum

Hawaii Farmers and Ranchers United

Hawaii Farmer's Daughter

Hawaii Federalist Society

Hawaii Federation of Republican Women

Hawaii Future Project

Hawaii Gathering of Eagles

Hawaii History Blog

Hawaii Homeschool Association

Hawaii Jihadi Trial

Hawaii March for Life

Hawaii's Partnership for Appropriate & Compassionate Care

Hawaii Public Charter School Network

Hawaii Rifle Association

Hawaii Shippers Council

Hawaii Smokers Alliance

Hawaii State Data Lab

Hawaii Together

Heritage Foundation

HIEC.Coop

HiFiCo

Hiram Fong Papers

Homeschool Legal Defense Hawaii

Honolulu Navy League

Honolulu Traffic

House Minority Blog

I Vote Hawaii

If Hawaii News

Imua TMT

Inouye-Kwock, NYT 1992

Inside the Nature Conservancy

Inverse Condemnation

Investigative Project on Terrorism

Iowa Meets Maui

Jackson v Abercrombie

Jihad Watch

July 4 in Hawaii

Kahle v New Hope

Kakaako Cares

Kau TEA Party

Kauai Co GOP

Keep Hawaii's Heroes

KeyWiki

Land and Power in Hawaii

Legislative Committee Analysis Tool

Lessons in Firearm Education

Lingle Years

Malulani Foundation

Managed Care Matters -- Hawaii

Malama Pregnancy Center of Maui

Mauna Kea Recreational Users Group

MentalIllnessPolicy.org

Middle East Forum--The Legal Project

Mililani Conservatives for Change

Military Home Educators' Network Oahu

Missile Defense Advocacy

MIS Veterans Hawaii

Muslim Brotherhood in America

NAMI Hawaii

NARTH

Natatorium.org

National Christian Foundation Hawaii

National Parents Org Hawaii

National Wind Watch

New Hawaiian

New Zeal

NFIB Hawaii News

No GMO Means No Aloha

Northwest Economic Policy Seminar

Not Dead Yet, Hawaii

Now What I Really Think

NRA-ILA Hawaii

Oahu Alternative Transport

ObamaCare Abortion Hawaii

Obookiah

OHA Lies

Opt Out Today

OurFutureHawaii.com

Pacific Aviation Museum

Patients Rights Council Hawaii

PEACE Hawaii

People vs Machine

Pritchett Cartoons

Pro-GMO Hawaii

P.U.E.O.

RailRipoff.com

Rental by Owner Awareness Assn

Republican Party -- Hawaii State

Research Institute for Hawaii USA

Rick Hamada Show

RJ Rummel

Robotics Organizing Committee

Save Dillingham Airfield

School Choice in Hawaii

SenatorFong.com

Sink the Jones Act

Statehood for Guam

Tax Foundation of Hawaii

The Real Hanabusa

Time Out Honolulu

Trustee Akina KWO Columns

UCC Truths

US Tax Foundation Hawaii Info

VAREP Honolulu

Waagey.org

West Maui Taxpayers Association

What Natalie Thinks

Whole Life Hawaii

Yes2TMT